What banks need to know about Elon Musk’s X Money
The partnership with Visa Direct sets X Money up with infrastructure to be a global payments powerhouse, but getting consumers to actually use it will be an even bigger challenge.
Chopra out at the CFPB
Former Consumer Financial Protection Bureau Director Rohit Chopra in a Feb. 1 letter to President Donald Trump confirmed that his “term as CFPB Director has concluded.”
Bank groups urge Bessent to tap Bowman for Fed vice chair
State banking associations across the country said that Michelle Bowman should be the Federal Reserve vice chair for supervision, not least because she already sits on the Fed board and could start immediately.
Wells Fargo’s co-CEO of corporate and investment banking steps down
Jon Weiss, Wells Fargo’s co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank’s Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week’s banking news roundup.
Crypto.com to delist Tether, PayPal stablecoins due to EU regs
The cryptocurrency exchange made the move to follow the Markets in Crypto-Assets Regulation, which tightens rules for digital assets in the European Union.
Fintech Cushion shuts down, cites scaling challenges
The company’s software automatically monitored and negotiated bank fees on customers’ behalf, with recent expansions into buy now/pay later bill management.
Community banks make top executive changes in January
Small lenders across the country filled leadership positions, including The Peoples Savings Bank in Ohio, which promoted from within to name its first woman CEO.
Citizens’ longtime exec, Beth Johnson, to retire in March
The Providence, Rhode Island-based regional bank plans to create a new senior executive role that will focus on corporate strategy, rather than directly replace Johnson as chief experience officer.
Wells Fargo lifts CEO Scharf’s pay to $31.2M
The big payday comes after a year in which the bank made progress toward the removal of a federally imposed asset cap.
Federal workers question legality of OPM ‘buyout’ FAQ memo
The Trump administration’s Office of Personnel Management sent a memo of frequently asked questions encouraging civil servants to go on vacation and even take a second job, which in some instances is contrary to longstanding agency conflict-of-interest rules.